HSBC Wealth and Allianz PNB Life have entered into an agreement for the exclusive distribution of insurance products to HSBC customers in the Philippines.
The deal took effect on Sept. 26 through an agreement between HSBC Investment and Insurance Brokerage Philippines Inc., HSBC Wealth’s formal name, and Allianz SE (Singapore Branch), Inquirer.net reported.
In a joint statement, the two companies said their partnership is aimed at helping meet Philippines-based clients’ evolving needs through new and enhanced products, new digital tools, and additional training and learning support for employees.
According to Allianz PNB Life chief executive Joe Gross, the two companies will now offer more “compelling protection” and health product propositions, as well as “innovative customer experiences” for their affluent clients.
“This strategic partnership solidifies our position as a leading business partner and further supports HSBC Group’s ambition to be the leading wealth manager in Asia,” Gross said.
HSBC Wealth vice chair Peter Faulhaber said the deal will provide synergies in product innovation, digital capabilities, and multichannel access expected to benefit the companies’ customers.
Customers are expected to benefit from personal and holistic wealth management services through relationship managers in wealth hubs and digital channels.
According to a recent report from Allianz SE, the pull of insurance premiums in the Philippines will grow over the next 10 years by 11% yearly until it reaches €22.6 billion in 2033.
The report also noted that the Philippines’ yearly growth of premiums will outpace that of global expansion, which is at 5.2%.
The Philippines is also expected to outperform the entire Asia Pacific region, excluding Japan at 8% and particularly China at 8.1%.
Allianz also said that the total global insurance premium in 2022 reached €5.6 trillion, rising by 4.9%.
Specifically, the Philippine insurance market grew by 5.2%, with premiums amounting to €7.1 billion.
Life insurance continued to be the largest segment, accounting for 46% of total premiums. This was followed by property and casualty, which was at 32%, and health at 20%.
